U.S. Chamber of Commerce Senior Vice President for International Regulatory Affairs Sean Heather today issued the following statement on the “United States-Singapore Joint Statement on Financial Services Data Connectivity.”
“The ability to aggregate, store, process, and transmit data across borders is fundamental for the global financial system and the entire global economy.
“We applaud the U.S. Department of the Treasury and the Monetary Authority of Singapore for recognizing the benefits of cross-border connectivity. By promoting an environment where financial institutions can engage in cross-border data flows, both governments are ensuring greater choice, better security, and more innovation for consumers of financial products and services.
“The Chamber welcomes Treasury’s leadership on this issue and looks forward to working together with partners, including the Monetary Authority of Singapore, to oppose data localization requirements around the world.”